Cloud computing systems may offer building, deployment and management of different types of applications and services. Cloud computing systems further include distributed storage systems that provide scalable storage resources. In multi-tenant cloud computing systems, computing operations compete for a limited amount of computing resources. A computing operation may replicate user data using CPU cycles to perform the replication tasks. The CPU cycles and various other types of computing resources can be allocated to computing operations to optimize latency, efficiency, and load balancing within the cloud computing system. However, conventional resource allocation techniques rely on reactive throttling and local protection mechanisms to allocate resources and thus fail to provide a dynamic, globally-implemented, fairness-based, performance isolation solution to resource allocation.